United States Sitting On World’s Largest Untapped Oil Reserve!
The United States is sitting on the world’s largest untapped oil reserve. A natural resource that would not only mitigate the over $400 Billion sent overseas to other countries but could create untold millions of jobs and put the country on a sound financial footing.
The untapped reserves are estimated up to 2.3 Trillion barrels, nearly three times the reserves held by the OPEC countries and sufficient to meet 300 years of demand, at today’s levels — for auto, truck, aircraft, heating and industrial fuel, without importing a single barrel of oil.
Here is a look at some of the largest untapped reserves:
A)
The Bakken Fields in North and South Dakota. New drilling and oil recovery technology is making the capture of this oil feasible and some development is now underway. It is estimated that there is at least 200 Billion barrels of oil in this region. At a price of $100 per barrel the value of this find is $20 Trillion.
B)
The Outer Continental shelf. It is estimated that around 90 billion barrels of oil sit beneath the ocean bed 50 to 100 miles off the shore of the Atlantic, Pacific and Gulf coasts. The value: $9 Trillion.
C)
The Alaska National Wildlife Refuge. About 10 billion barrels are locked up here with a current value of $1 Trillion.
D)
Tar Sands: Around 75 Billion barrels of oil could come from these areas which are similar to the Canadian tar sand fields and which now produce about 2 million barrels per day. The value: $7.5 Trillion
E)
Oil Shale. This is the most massive area of potential oil production in the world with an estimated 1.5 Trillion barrel potential. The technology necessary to extract this oil is now in place and being operated on a pilot project basis. The value of this resource: $150 Trillion
F)
There is also the real potential that further finds will be discovered as technology continues to improve.
In total the value of the potential oil reserves of the United States listed above exceeds $187 Trillion.
The current national debt is $14.2 Trillion or less than 8%.
If we could get at all that oil instantly, how long would it take to sell enough to make a difference?
Here is a look at some of the largest untapped reserves:
A)
The Bakken Fields in North and South Dakota
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When they lead off claiming the Bakken is untapped, I realize they have no idea what they are talking about.
Production started from the Bakken over 60 years ago. Total production is nearly 2.5 billion barrels and is now up to nearly 900,000 barrels per day.